4
May
Springwatch
Now that spring is in full swing Nick Churton of
Mayfair Office comments on how the property market is
responding to the warmer weather.
Here in London we
have been busy with Springwatch. This isn’t the BBC
wildlife show. Instead we have been actively watching for
those signs that the spring property market has burst into
life.
While our
hedgerows have been in glorious blossom and many of our woodlands
thick with bluebells the market too has been showing clear signs of
new life. But this is not all down to the seasonally warm
weather.
Despite
continuing difficulties with mortgages and nervousness about the
economy and employment, buyers, especially in the middle market
sector, have failed to be put off and numbers of viewings over the
past few weeks have been rising steadily. This always augurs
well for sales and we anticipate that after a glorious Easter in
most parts of the UK, and the royal wedding, there will be even
greater activity throughout May.
But what is
really needed right now is some more property coming onto the
market. Would-be sellers are being a little reticent.
Consequently there is not so much stock at the moment and buyers
would certainly like a little more choice. Normally this
would point to a sellers’ market. But, while active,
buyers are also being cautious, and are not exactly rushing to
buy. They are taking their time before making offers, they
are fully investigating the market and are steering away from any
property that smacks of being overpriced.
All this has
produced a balanced market with prices generally neither going up
nor down – although there are exceptions. Which way the
pendulum will swing – towards rising or falling prices
– only the next few months will tell. We should be able
to tell you much more by the time we are into Autumnwatch. In
the meantime enjoy a summer with a property market that is putting
few under heavy pressure to buy or sell. But sellers should
still beware of being a little too optimistic with price.
Buyers are not in the mood, and we should always remember that
property is only worth what someone will pay for it.
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